8 2023 2024 9 Sales: OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY 10 Sales in Units (Candles) 14,000 15,500 18,000 12,500 13,000 11 Selling Price per Candle $ 11.50 12 13 Collections: 14 Cash Collected in the Month of Sale 90% 15 Cash Collected in Following Month 10% 16 17 Finished Goods Inventory: 18 Ending FG Inventory Requirement 15% of next month's unit sales 19 Beginning FG Inventory, Oct. 1, 2023 2,100 candles 20 21 Raw Materials Inventory: 22 Raw Materials Required per Candle 8 ounces of wax 23 Raw Materials Cost per Ounce $0.25 per ounce 24 Ending RM Inventory Requirement 30% of next month's production needs 25 Paid in Month of Purchase 75% 26 Paid in Following Month 25% 27 Beginning RM Inventory, Oct. 1, 2023 34,140 ounces of wax 28 29 Direct Labor: 30 Labor Required per Candle 0.15 hours 31 Labor Cost per Hour 17.00 per hour 32 33 |Manfacturing Overhead: 34 Variable OH 0.50 per candle 35 Fixed OH 14,000 per month 36 Noncash Fixed OH (included in above) 3,250 per month 37 38 Selling & Administrative Expenses: 39 Variable S&A 1.35 per unit sold 40 Fixed S&A 18,000 per month 41 Noncash Fixed S&A (included in above) 2,300 per month 42 43 Other: 44 Machine Purchase 4,000 purchased on October 1, 2023 45 *depreciation is already included in noncash fixed OH above 46 Note Payable $ 2,500 paid on November 30, 2023 47 *this is a non-interest bearing noteFinished Goods Inventory Cost per Unit Direct Material Direct Labor Variable Overhead TOTAL FG INVENTORY COST PER UNIT ASSETS Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory PP&E, net TOTAL ASSETS B simplistic Scents Candle Co. C Balance Sheet As of September 30, 2023 $196,000 $7,600 $8,535 $10,605 $64,000 $285,740 LIABILITIES & EQUITIES Accounts Payable Note Payable Interest Payable TOTAL LIABILITIES Retained Earnings TOTAL EQUITIES TOTAL LIABILITIES & EQUITIES $9,300 $2,500 $0 $11,800 $274,940 $274,940 $285,740